US pushes E. Africa to speed up reforms for more investment

[FONT=&amp]US pushes E. Africa to speed up reforms for more investment [/FONT]

[FONT=&amp]Top advisers to US President Barrack Obama are seeking a joint meeting with the presidents of East African Community (EAC) member states, Tanzania, Kenya,Uganda,Rwanda and Burundi to speed up the opening up of the bloc to international investors.
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[FONT=&amp]The officials led by Mr Michael Froman, US deputy national security advisor for international economics, said the forum would provide firsthand understanding of the reform agenda.
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[FONT=&amp]"We need information gathered directly at the (heads of state) summit to lobby for investments in our key areas of interest," Mr Michael Camunez, assistant secretary of commerce for market access and compliance, said in apparent reaction to the wide gap between official statements and implementation of regional agreements.
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[FONT=&amp]The region's heads of state will hold their annual summit in November to review progress in regional integration.
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[FONT=&amp]This is amid concerns that administrative barriers are still holding back exchange of goods in the 120 million-people market, seven years since the custom union protocol came into force.
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[FONT=&amp]The common market protocol launched in July 2010 to ease movement of people, capital and professional services also remains unimplemented.
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[FONT=&amp]The US officials said they were in the country to follow up on pledges that the African delegation made during the Agoa Forum 2012 held in June in Washington.
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[FONT=&amp]This comes as a new report shows that local business people are still weary of business barriers such as power,roads, corruption and water.
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[FONT=&amp]SOURCE:BDA[/FONT]